S&P revises Islip, N.Y.'s outlook to negative from stable
Aug 22 (Reuters) - Standard & Poor's Ratings Services on Thursday revised Islip, New York's outlook to negative from stable and affirmed its AAA general obligation bond rating.
The outlook revision reflects the town's continuing structural imbalance since fiscal 2008, the ratings agency said in a statement.
"Despite strong reserves and a demonstrated willingness to raise revenue and cut expenditures in 2012, officials are projecting further drawdowns," said S&P analyst Ruth Ducret.
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